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Gas prices: GOP says high, Democrats say low

Republicans can accurately argue that prices are the highest ever at this time of year. | AP Photo

In Florida, pump prices dropped to $3.42 a gallon, down 26 cents from a month ago, while Ohio’s $3.32 average was down 33 cents from a month ago. North Carolina’s $3.37 a gallon average is down 34 cents and Virginia’s $3.33 a gallon was down 27 cents.

Gasoline prices in Pennsylvania, Nevada, New Hampshire and Colorado also fell but remained higher than the national average.

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AAA projects prices will fall to $3.25 to $3.40 a gallon by Thanksgiving and reach $3.10 to $3.30 by the end of the year.

Republicans can still claim — accurately, if somewhat misleadingly — that prices are about double the level when Obama took office in January 2009. “The American family pays $2,000 a year more for gasoline today than when he was elected,” Romney noted in a Nov. 2 speech in Wisconsin.

That argument could have been made any time over the past year, since average prices in many battleground states are little changed since November 2011. The average per gallon price in Colorado, Florida, Iowa, North Carolina, Wisconsin and Virginia is within a nickel of that year-ago level.

In Pennsylvania, prices are up almost 20 cents a gallon, while Nevada is paying an additional 13 cents.

Obama has brushed off Romney’s claims, noting that cheap gasoline in late 2008 was caused by the financial meltdown, and that prices were already rising when he took office.

He has also chided Romney for claiming he can lower domestic prices, since U.S. retail prices largely follow global crude oil prices that are affected by volatility in the Middle East, the global economy and other factors U.S. presidents have little control over.

“You really need to do something that’s going to change the fundamentals of global supply and demand, and that will take some time,” said Guy Caruso, former head of the Energy Information Administration under George W. Bush.

Romney continues to promise his plan to increase U.S. energy production will lower prices at the pump.

Regardless of who wins the White House, Kloza said domestic oil production will rise and gasoline prices will become less of a burden for consumers over time. The declines coming in the short term are largely expected because of the typically weak demand during the colder months.

“Whoever wins, they’re going to be the beneficiaries of lower prices for a 90-days honeymoon period that has nothing to do with who wins and everything to do with traditional seasonal patterns,” Kloza said.

And he predicts ample supplies will keep high prices in check over the next decade as well.

“The reality is that technology, price and geography … are all motivating all sorts of [oil] to come online mid-decade and beyond,” he said. “As far out as a decade, we are going to be a privileged continent as far as energy costs,” compared with the rest of the world.

In addition, rising fuel-efficiency standards will also benefit consumers no matter who is in the White House, he added.

Readers' Comments (8)

It's "low" to democrats because most of the drones have been conditioned by Barry to think that anything under $3.50 is now a bargain. He said under his "plan" energy prices would necessarily skyrocket, and they have.

Remember just four years ago gas was under $2.00 a gallon

Thankfully, President Romney will get our energy sector cranked up again

Gas prices go up & down -- the economy, supply & demand being two key factors. Also, keep in mind that oil is a world commodity, not a US commodity.

In August 2008, during the Bush administration, gasoline prices in the US were at record highs, well over $4.00/gallon. Then the economy crashed, demand fell, and by December 2008, prices were below $2.00/gallon.

Over the decades, by the way, gasoline prices have generally been, adjusted for inflation, above $2.00 & below $4.00, something along those lines. You can look it up; plenty of graphs online.

Oh yea, and remember what gas was just 4 1/2 years ago. $5.00 a gallon. You rightwingers only remember the history that suits you best. I know you won't believe this either, even though it a documented fact. If you didn't get all your information from Fox news, or Rush Dimwit, you would already know this.

Four years ago, we were in the middle of the worst recession since the great depression and the stock market crashed.

You want more of THAT?

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"Thankfully, President Romney will get our energy sector cranked up again"

We are at an all time high. You think Romney will affect oil and thus gas prices? Do some reading. The US has about 5% of world wide supplies, and oil is priced on the global market. NO US president has any control over the price of oil.

The reason gas prices are at $4 IS SIMPLE: Because people will pay it, they have no choice. Nthing to do with supply or demand.

So whatever happened to that "Free Market Capitalist" system all you wingnuts are so gung-ho about? Answer: We are all on the "exploited" side now, as the HUGE global oil companies have become a global oil cartel.

The sooner you realize and accept that and unite with us, the sooner WE the People can tell the Congress and our President to take a sledgehammer to them, just like Teddy Roosevelt had to.

Hate to break it to you, but I was paying $4.85 a gallon for diesel in July, 2008, and that was the cheapest in my area. Not being led by anyone, just a cold hard fact. I'm sure because I brought this up, you ssume I'm some Liberal nutjob. Far from it. You don't get much more fiscally conservative than me. But i'm not a right wing nut either. i watch both Fox and regular news channels, so I see the bull$%% on both. I don't like many of Obama's policies, but I just don't buy into the crazy birther, Muslim, or he has a hidden genda bull$%$%. Or this crap on this post that he somehow raised the price of gas from $2.00 to over $4.00. get on the internet and look up what the price of gas was in June/july 2008.

Dems are desperate to continue this narrative that the pathetic state of our nation is the new norm. If things are crappy for long enough we will just get used to it. Progressives ruin the country and we are just supposed to accept it. We will see in a few short hours just how much Americans will be rejecting that notion